SOLUTION: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated.
You inherit $10,000 with the stipulation that for the
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You inherit $10,000 with the stipulation that for the
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Question 274177: I forget the steps on how to do this problem! My midterm is in a few hours, if you could help it would be much aprpeciated.
You inherit $10,000 with the stipulation that for the first year the money must be invested
in two stocks paying 6% and 11% annual interest, respectively. How much should be
invested at each rate if the total interest earned for the year is to be $700? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! You inherit $10,000 with the stipulation that for the first year the money must be investedin two stocks paying 6% and 11% annual interest, respectively.
How much should be invested at each rate if the total interest earned for the year is to be $700?
:
Here are the equations for this:
Let x = amt invested at 11%
then
(10000-x) = amt at 6%
;
.11x + .06(10000-x) = 700
